Friday, March 27, 2009

Navistar May Buy Monaco

Navistar International Corp. said Thursday it has signed a nonbinding letter of intent buy Monaco Coach Corp.'s recreational vehicle manufacturing business.

The announcements from the two companies did not mention a price for the deal. But they followed a filing in federal bankruptcy court by Monaco that said the company had a $50 million deal to sell its core business in the works.

Monaco is one of two major RV makers to file for bankruptcy in recent weeks. RV and manufactured housing maker Fleetwood Enterprises Inc., based in Riverside, Calif., filed for Chapter 11 bankruptcy protection on March 10.

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